Another possible revenue model for your clinic…
We frequently discuss different revenue models for the small to medium sized practice here at The Healthcare Entrepreneur. Many of those discussions and posts include cash pay and retainer basis models, concierge services and other alternative models. We like to consider and discuss these models as possible options on our blog and with our clients due to the fact that so many practitioners seem to struggle with the typical third party payer system. Inevitably, practitioners are frustated that they have to cram so much volume of patient care into a single day to make money.
I ran across this post today from a physician (Dr. Rob) that makes the “typical third party payer system” work for he and his partners by offering an evening walk-in clinic for “simple problems” that patients may have. Here are some of the details:
We actually earn more per visit during after-hours clinic because we can charge an after-hours charge for all (except for Medicare and Medicaid). For our one capitated contract, we get paid an over-and-above for these visits. In other words, we just get the copay if they come during the day, but get paid per visit (at a fairly good rate) for after-hours visits. We earn roughly 1/4 of our income in these clinics – they are extremely busy during the winter months, with some days getting over 30 patients in the evening clinic. This is revenue we would have otherwise lost. We run a disproportionate number of strep tests and urinalysis tests during these clinics, which ads to the revenue.
This is one of the main ways our practice is able to be so profitable. Our EMR allows us to document very quickly and thoroughly. At 7 PM, I had finished charting all of my clinic visits.
Obviously, this isn’t going to work for every practice or every individual practitioner. Many will refuse to stay late into the night to see patients, especially after seeing a load of patients through their regular shift. These practices would need to have enough staff/partners to make these extra-hour clinics work. And, the list goes on as to why this wouldn’t work. I simply present this as another possible “out of the box” approach or model that might work for some small to medium sized healthcare practices.